Ford targets the Kingdom’s lucrative emerging economy
Ford targets the Kingdom’s lucrative emerging economy
Ford expects sales of its passenger vehicles in Cambodia to surge 30 per cent this year on rising purchasing power and strong brand appeal, a company representative said yesterday.
“Last year, we delivered 705 vehicles to the Cambodian market, and this year we expect 30 per cent growth,” David Loflin, Ford’s sales director for Asia-Pacific Emerging Markets said yesterday.
Speaking at a luncheon organised by the Amcham Cambodia, Loflin said the US carmaker sees the Asia-Pacific region as having the most growth potential of any of its global markets.
He said that in emerging markets like Cambodia and Myanmar, increased consumer wealth and the growing number of authorised dealerships is reducing the appeal of the grey market.
This should increase further once the ASEAN Economic Community (AEC) is established.
“Data shows new cars’ share of the market is increasing and, as the AEC goes into effect, we think it will rise dramatically,” he said.
Authorised dealerships accounted for 17 per cent of the 1,921 new vehicles of all brands sold in Cambodia in the first quarter of 2015, up from about 14 per cent two years ago.
RMA Cambodia, the sole authorised distributor of Ford cars in Cambodia, claims to command about a quarter of the industry’s new vehicle sales.
Voeung Seng, general manager of RMA Cambodia’s automotive division, said pickup trucks account for about 80 per cent of the company’s new vehicle sales, but rising consumer spending power is driving the growth of small family cars.
RMA Cambodia launched the Ford Mustang in July, two years before its expected release in the far-bigger Thai market.
“So far, the response is excellent,” Seng said.
